With the continuous reputation being the world's second rank as IT-BPM hub next to India, the Philippine IT-BPM sector's headcount continues to surge, now at 8.7 percent reaching a total of 1.70 million full-time employees and outperforming the global growth rate of 7.7 percent.

This was revealed by IT and Business Process Association of the Philippines president and CEO Jack Madrid during the 15th International IT-BPM Summit at Okada Manila on Wednesday.

Madrid said the Philippines also soared on the revenue front with a growth rate of 8.8 percent, which translates to an estimated $35.4 billion growth target for this year.

Madrid said factors propelling the growth of the Philippine IT-BPM industry in 2023 include the country's advantage, as US companies are increasingly redirecting work offshore, and they are showing a clear preference for the Philippines.

"Our country has become a hub for high-quality IT and BPM services, attracting global giants and startups alike," he said.

Also, Madrid said the persistent talent gap in North America for IT-BPM services has driven companies to look beyond their borders for skilled professionals.

"The Philippines has proven time and again that it can provide the talent pool that these companies need," he added.

Madrid also said the industry has strong government support, playing a crucial role in this growth story by instituting supportive remote and hybrid work policies.

"These policies have not only helped companies adapt to the changing work landscape but have also attracted foreign investments. With the help of our allies and collaborators, we were able to put into motion programs that align with our acceleration levers and support our 2028 growth targets," said Madrid.

"Given this, our outlook for 2023 is bright—in fact, better than we initially projected—and we are committed to sustaining this trajectory of impactful and positive growth throughout the coming years," he added.

Madrid went on to report that from the start of 2022 until year-end of 2023, the IT-BPM sector expects to add 257,000 full-time employees to its headcount and $5.9 billion to its revenue, placing the Philippines firmly on track to meet its targets for 2028.

He expounded by saying that these numbers indicate that the industry is set to achieve 23 percent of the 1.1 million jobs it needs to create and 20 percent of the $29.5 billion it needs to generate by 2028.

"The growth of the IT-BPM sector in 2023 is not just a statistic; it is a testament to the industry's resilience, the dedication of its ecosystem of partners, and the continuing competitiveness of Filipino talent," Madrid shared.

"The Philippines is not just keeping pace with global trends; we are setting the standard. As we move forward, let us continue to invest in talent, innovation, and inclusive growth, ensuring we remain a beacon of excellence in the global IT-BPM industry. Together, we will reach new heights, fulfill our 2028 targets, and secure a brighter future for our nation and our people," he underlined.